“Shares of Foxconn International Holdings Ltd (FIH), the world’s biggest contract maker of cellphones, rose by more than 10 percent on Friday, extending gains from the previous day on a brokerage report that said it might get iPhone orders soon,” Lee Chyen Yee reports for Reuters.
“On Thursday, the stock gained 17 percent, logging the biggest one-day gain since mid-2009,” Lee reports. “The sharp rises were attributed to a brokerage report from Daiwa Capital Markets saying that FIH was likely to get iPhone orders soon, even though it does not currently assemble Apple products. ‘Our industry research indicates that FIH is likely to start producing iPhones in late 2012 or early 2013,’ Daiwa said.”
Lee reports, “Foxconn International said it would issue a statement later today, although it declined to comment on the report for now.”
Read more in the full article here.
Foxconn already assembles iPhones so why would it rise if FIH will get orders.
The report is a “possible maybe”
Yeah. I don’t get it. Don’t they already make iPhones?
Is this a different company?
It is a different subsidiary of the mother company.